Procurement Contract Management is the integral part which consists of change,
risk, project management, demand changes and category management. The contract
management plan assists in managing the contracts and monitoring the
performance of the contracts and also helps in fulfilling the requirements of
both the parties.
If the contracts are not managed properly, none of the above mentioned
process works as desired. Adequate knowledge of the operations and the
performance of the contracts help in enhancing the contract outcomes.
Importance of procurement contract
management
It is important as the effective contract management bears dividends for
both the suppliers and the purchasers and ensures a well-managed trading
agreement practically. Therefore it is a necessary condition for a better
performance from the procurement and the supplier’s perspective.
A good contract Management benefits in building right relationship with
the suppliers and timely deliveries and also leads to long term efficient
savings.
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